Former Walmart CEO: Labor market has been turned 'completely upside down'
'We're in as big of a seller's market in labor that I've ever seen,' Simon stresses
Former Walmart CEO: Labor market ‘completely turned upside down’
Former Walmart president and CEO Bill Simon provides insight into the labor market.
Former Walmart president and CEO Bill Simon argued that the labor market has been turned "completely upside down" and is being driven by more workers’ power and control.
"Where the employers are being vilified and…told that they're either greedy or corrupt or not paying their fair share," Simon told "Cavuto: Coast to Coast," Thursday. "That's just a real difficult environment to try to operate in."
Simon’s comments come on the heels of an Apple Store in Atlanta filing for a labor union election with the National Relations Board, becoming the first group of the tech giant’s workers to seek formal recognition.
WALMART OFFERING NEW TRUCKERS STARTING SALARY OF UP TO $110,000
The Apple labor union, Simon added, is an "anomaly," as he said couldn't recall a prior situation happening like this in the Big Tech company.
Market expert on March jobs report: It's a good time to be a worker
Slatestone Wealth chief management strategist Kenny Polcari discusses inflation and the March jobs report, arguing if inflation continues to 'get strong its going to put pressure on the market.'
Apple workers are the latest to take a stand and create a labor union.
Former Walmart CEO: Inflation causing consumers to ‘feel strain’
Former Walmart president and CEO Bill Simon argues inflation and fuel prices ‘spiking dramatically’ are causing consumers to ‘feel some strain.’
Earlier this month, Amazon workers at a facility on New York’s Staten Island voted to unionize against the retail giant, securing a victory for the labor movement – marking a milestone for the company which had successfully avoided unions since its founding in 1994.
"We're in as big of a seller's market in labor that I've ever seen," Simon stressed.
Former Walmart CEO told FOX Business labor market has been ‘completely turned upside down.’ (AP Photo/Gene J. Puskar, File / AP Newsroom)
"There are way more jobs than there are people and wages…that's driven wages up and increases in wages…benefits…other perks and incentives to…keep employees’ hours or as high as they've ever been."
Simon added that it wasn’t too long ago that the $15 minimum wage increase went into effect.
President Biden signed an executive order in April 2021 raising the minimum wage for federal contractors from $10.95 an hour to $15.
CLICK HERE TO READ MORE ON FOX BUSINESS
The ex-Walmart CEO suggested that "something else" is going on within the Apple company and that the labor union may be driven by a more "political" motive.